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“The perfect trader-if such a person exists-is methodical and careful about making decisions, extremely disciplined, resilient to setbacks, with a high degree of internal confidence.  He holds strong opinions but is also able to admit quickly when he is wrong, not take it personally, and view it as a learning opportunity rather than a failure.  He understands the value of leaving his ego at the door.  He’s willing and able to trust his gut and place big bets when the opportunity presents itself.  In fact, that pretty well describes the ideal blend of characteristics of any successful person, no matter what he is doing professionally or personally”

 

Nifty

 

Above 50 SMA Bulls Exists and Below It Bears Rule from Short term Perceptive. What happened yesterday As discussed in Weekly View  5169 proved to be a resistance Nifty made high of 5162 and gave the much awaited correction.

Yesterday was the Read test of the current upmove and Nifty passed the Litmus test by holding the 50 SMA@5012 made a low of 5011 and today will Open gap up around 5084 filling the yesterday gap with a gap up opening.

Trading above 50 SMA  give the possibility of breaking the Laxman Rekha of 5169.

Above 5109 Weekly Time Frame will come in Uptrend and Crossing the Swing High of 5136 increases the probability of breaking the range.

Trading Levels for Today

Buy above 5093 Tgt 5106,5136 and 5162

Sell below 5035  Tgt 5005,4975 and 4961

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Bank Nifty

Bank Nifty made the Low of 9492 Yesterday and Bounced back.Bank Nifty closed above its 12 Oct Close which is an bosster to Bulls.

I will consider this correction as a Dip in current uptrend till 9360 is not crossed on downside.

Buy above 9660 Tgt 9712,9788 and 9810

Sell below 9570 Tgt 9492,9428 and 9360